How Prenuptial Agreements Can Affect Estate Planning

Author Archives: Phillip A. Baumann

How Prenuptial Agreements Can Affect Estate Planning

If you pass away before your spouse and do not have a prenuptial agreement in place, he or she will have almost complete control over your estate and possessions. This is not necessarily a problem in some cases, but in other cases you may wish to maintain some element of control over what happens to […]

529 Savings Plans Have Estate Planning Benefits

Thanks to the changes to tax law made under the 2017 Tax Cuts and Jobs Act, there are now opportunities to use 529 college savings plans as estate planning tools, while also allowing you to still use them to pay for more education-related expenses than you may have been able to in the past. Leveraging […]

Tips for Disinheriting an Heir from Your Will

There are some situations in which a parent may wish to disinherit a child from their will. This is not a decision people make lightly—it can be quite painful to essentially cut a child out of their possible inheritance. If you decide to do so, it is important you do it correctly—you must expressly disinherit […]

Estate Planning Tips for Wealthy Retirees After the SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, recently signed into law by President Trump, has some wide-reaching impacts, particularly in the realms of retirement and estate planning. The main effects of the law are that it modified required minimum distribution rules for retirement plans, expanded retirement plan access and increased lifetime income […]

How to Involve Your Family in Estate Planning

As you go through the process of planning your estate, it is advisable to get your family involved in the conversations. Not only can they provide you with support during what can be a stressful process, but it’s also helpful to prevent there being any surprises in the estate plan. If people know what to […]

Examples of Common Estate Planning Mistakes

There are some people who attempt to create their estate plans without any legal guidance. While this is technically possible and can save you some money, it also opens you up to many more potential mistakes that could cause unnecessary headaches and often eventually costs your estate much more than you saved making a do-it-yourself […]

Important Tips for a Personal Representative

Have you been selected as the personal representative of someone’s estate? Here are some tips to help you handle the job effectively. Get copies of the death certificate ASAP: As soon as you’re able, get copies of the death certificate. You’re going to need them if you are responsible for making funeral and burial arrangements, […]

Gifts That Could Raise Red Flags at the IRS

The IRS is, among other things, tasked with finding estate planning strategies that violate tax laws. Many of the circumstances that get people in trouble with the IRS through their estate planning involve illegal gifts. Here are just a few examples of some gifts that might cause the IRS to pay you some special attention. […]

Does a Personal Representative Have Any Responsibility for Paying Off Estate Debts?

One common question people often have when named personal representative of an estate is whether they have to worry about being personally responsible for any debts left behind with the estate they’re tasked with administering. The good news is no—personal representatives do not have to worry about paying any type of estate debt from their […]

For Which Debts Will Your Estate Be Responsible?

After you pass away, your estate will still be responsible for settling some of your debts. Here’s a quick overview of what you can expect to happen to some of these common debts and which ones will take priority: Mortgage: Mortgage loans must be paid. In most cases, the beneficiary whom you named to receive […]